by jason1029 » Sun Nov 04, 2012 12:06 am
Hi all
I am in Massachusetts and currently have and open claim for my house. My adjuster sent me an appraisal and in there it states there is just over $7000.00 in recoverable depreciation.
They state in order to recover all of the depreciation I must spend X amount. So I have a few questions that I don't feel comfortable asking the adjuster.
1. If I spend X fixing everything on the appraisal will they pay out the depreciation even if there is nothing left to be repaired?
2. Is that depreciation amount mine but just being held to insure I repair everything?
3. They say for them to release the depreciation I need a line item list of repairs done... How detailed should this list be? Should I just send them a categorized list with amounts or will they need details?
Thanks in advance for your advice
Jason
I am in Massachusetts and currently have and open claim for my house. My adjuster sent me an appraisal and in there it states there is just over $7000.00 in recoverable depreciation.
They state in order to recover all of the depreciation I must spend X amount. So I have a few questions that I don't feel comfortable asking the adjuster.
1. If I spend X fixing everything on the appraisal will they pay out the depreciation even if there is nothing left to be repaired?
2. Is that depreciation amount mine but just being held to insure I repair everything?
3. They say for them to release the depreciation I need a line item list of repairs done... How detailed should this list be? Should I just send them a categorized list with amounts or will they need details?
Thanks in advance for your advice
Jason
Posted: Sun Nov 04, 2012 06:57 am Post Subject:
1) Yes, but there should be nothing less unless for some reason someone is charging less then they allowed.
2) It's being held as an insurance policy should never put you in a better condition then you were prior to the loss.
3) What you mentioned will probably be fine.
Posted: Mon Nov 05, 2012 10:29 am Post Subject: Recover depreciation
Insurance companies usually hold back the amount of 'recoverable depreciation', until they are satisfied that the repair works have been finished. They ask for the proof of repairs. The insurers will pay the minimum amount required for the repairs, and as tcope has mentioned, they "never put you in a better condition than you were prior to the loss".
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